Lexington Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $15.45 2024 Avg. Asking Rent
  • 11.20% 2024 Office Vacancy Rate
  • $137.8M2024 Total Office Sales
  • $90.83Avg. Sale Price/SF

Lexington office price per square foot in 2024 was $15.45 on average. The local office market recorded an average vacancy rate of 11.20% across all asset classes combined. The 3 transactions that closed here throughout 2024 amounted to a total sale volume of $137.8M. Lexington office space commanded an average sale price per square foot of $90.83.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Lexington Class A & A+ Office Space$20.05
  • Lexington Class B Office Space$14.30
  • Kentucky Class A & A+ Office Space$20.10
  • Kentucky Class B Office Space$18.92

Lexington, KY Office Asking Rents by Class

2024 Office Vacancy Rates in Lexington

Submarket Asking Rents Vacancy Rates
Lexington - West Central $19.83 8.10%
Lexington - Southeast $19.64 1.61%
Lexington - Southwest $19.36 10.71%
Lexington - North Central $18.45 6.83%
Lexington CBD $17.07 8.47%
Lexington - East Central $12.78 13.50%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Lexington market was 11.20% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Lexington was 1.61% in the Lexington - Southeast submarket, while the highest office vacancy in the market was 13.50%, recorded in Lexington - East Central.

Office Spaces for Rent in Kentucky

Lexington Office Sale Price per SF

  • $90.832024 Avg. Price per SF
  • -29.23%Y-o-Y Avg. PpSF Change
  • $137.8M2024 Office Sales Volume
  • 32024 Number of Transactions

Lexington, KY Sale Price per SF Trend

  • Lexington Avg. Sale Price per SF in 2024$90.83
  • Kentucky Avg. Sale Price per SF in 2024$96.30
Lexington office space cost in 2024 marked a -29.23% change compared to the previous year. The sale price for office space in Lexington averaged $90.83 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide Kentucky average office sale price during the same time period was $96.30 per square foot.

2024 Office Sales Volume

  • Lexington, KY Total Office Sales Volume in 2024 $137.8M
  • Lexington, KY Total Number of Office Sales Closed in 2024 3
A total of 3 deals closed on the Lexington office market in 2024, adding up to a yearly sales volume of $137.8M. Notably, the largest transaction on the market saw Lexmark Surplus Office Buildings change hands for $126,948,000 on 1/4/2024.
Data provided by Commercial Edge

Coworking Spaces in Kentucky

2024 Office Construction in Lexington, KY

Largest Office Properties Recently Completed in Lexington
Office building Address SF Completed
Coldstream Research Campus 824 Bull Lea Run, 40511 44,533 2022
527 Wellington Way 527 Wellington Way, 40503 31,115 2017
395 Elaine Drive 395 Elaine Drive, 40504 1,180 2010
Sir Barton Business Center 2443 Sir Barton Way, 40509 44,384 2008
9,664 SF Contiguous Space Available in Coldstream Research Campus 1648 McGrathiana Parkway, 40511 152,394 2007
997 Governors Lane 997 Governors Lane, 40513 31,188 2007
Hamburg Office For Lease 2452 Sir Barton Way, 40509 25,752 2007
4384 Clearwater Way 4384 Clearwater Way, 40515 22,274 2006
US Attorneys Building 260 West Vine Street, 40507 54,140 2005
448 & 444 Lewis Hargett Circle 448 Lewis Hargett Circle, 40503 40,093 2005

Worth noting among recent office completions on the Lexington market is Coldstream Research Campus, which is currently the largest new office development in the city, at 44,533 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Lexington commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.